Taipei, Taiwan, Aug. 22, 2021 (World NEWSWIRE) — (via Blockchain Wire) XREX, a crypto-fiat fintech enterprise driving financial inclusion through blockchain, shut its $17 million Pre-A spherical, which was oversubscribed by 200%. XREX will use the funding to extend its fiat forex portfolio, purchase more licenses, and forge partnerships with more money establishments and digital wallets.
Photograph Available Wayne Huang (proper) and Winston Hsiao (remaining), crypto-fiat fintech corporation XREX correctly lifted $17 million in its Pre-A round.
Led by CDIB Money Group (TWSE: 2883), the consortium of worldwide traders features publicly-shown providers, key banking companies, enterprise cash corporations, and prime fintech investors from the US, Canada, Germany, Estonia, Singapore, Japan, Hong Kong, and Taiwan. The robust participation by publicly-listed corporations underscores XREX’s determination to compliance with regulatory bodies.
Other buyers in this Pre-A spherical also include SBI Investment (subsidiary of SBI Holdings, TYO: 8473), Global Founders Cash, ThreeD Capital (CSE: IDK), E.Sunlight Venture Capital (TWSE: 2884), Systex Corporation (TWSE: 6214), Metaplanet Holdings, AppWorks, Black Marble, New Overall economy Ventures, and Seraph Group. XREX closed its $7 million seed spherical in 2019. The investors in that round integrated AppWorks (guide), Skype’s late-cofounder Toivo Annus, Metaplanet Holdings, Black Marble, CDIB, WI Harper, BitoEx, and the Taiwan government’s National Enhancement Fund.
“CDIB was an early investor in XREX,” explained Ryan Kuo, Head of CDIB Cash Innovation Fund. “After witnessing the company’s quick income expansion and their dedication to compliance, we were being identified to double our financial investment and lead this strategic spherical.”
“Our mission is to foster worldwide fiscal inclusion by leveraging blockchain,” claimed XREX CEO and cofounder Wayne Huang, an internationally-identified cybersecurity professional. “Many of our crew members are from or have lived in the marketplaces the place we provide. We keenly comprehend the struggles confronted by quite a few cross-border merchants who lack safe entry to US greenback liquidity.”
By operating with local regulators and fiscal institutions, XREX has pioneered resources these kinds of as BitCheck and MyXchange to help merchants and SMEs in emerging markets lessen currency trading decline, get entry to US bucks and seamlessly cross in excess of from casual to formal economy.
Capitalizing on a productive sequence of new characteristics including their mandatory User General public Profile as perfectly as their Risk Level Detector features, XREX will roll out a person Reputation Index subsequent yr to bolster basic safety, transparency and accountability when encouraging social networking.
In the past 8 months, XREX successfully detected and prevented fraud rings from Russia and Nigeria from employing the platform, attesting to XREX as 1 of the safest crypto-fiat currency platforms in the entire world.
“Helping entrepreneurs to be successful is a precedence for us,” said Yoshitaka Kitao, Representative Director & Chairman of SBI Financial commitment. “We imagine XREX answers open the door for underserved merchants to take part in worldwide commerce on an even taking part in field.”
Jerry Horng, President of Black Marble Money Management who serves on XREX’s board, claimed, “We were being an early trader of XREX and we’re fired up to proceed our support in this spherical. XREX is uniquely positioned to link Taiwan’s mature banking marketplace with the booming cross-border commerce at this time witnessed in rising marketplaces.”
Recognizing compliance is core to digital currency adoption, XREX partners with numerous top compliance and anti-revenue laundering vendors this sort of as CipherTrace, Sum&Substance, and TRISA.
“XREX has proven previously mentioned-expectation advancement due to the fact their graduation from our AW#17 accelerator batch in 2018. We are thrilled to back again them yet again,” explained Joseph Chan, a Lover at AppWorks who serves on XREX’s board. “This spherical will speed up XREX’s capability of combining their unmatched cybersecurity skills with top compliance technologies to create a safer and cleaner ecosystem for crypto-enabled merchants, digital asset proprietors, and entrepreneurs.”
# # #
Launched in Aug 2018 and headquartered in Taipei, XREX Inc. is a crypto-fiat fintech enterprise with a mission of driving monetary inclusion by resolving the dollar liquidity lack challenge in rising economies. Armed with a workforce of planet-top specialists in compliance, cryptocurrency, blockchain, fintech and cross-border payments, XREX provides revolutionary solutions to assist cross-border SMEs contend on an even taking part in industry. Adhere to XREX on Twitter, Facebook, Medium, and LinkedIn.
ABOUT THE COFOUNDERS
Chief Govt Officer
Wayne Huang is an internationally-acknowledged cybersecurity qualified instrumental in acquiring innovative blockchain-centered options currently applied in numerous rising markets. He established Amorize Technologies in 2006, a top developer of cloud-primarily based (SaaS) anti-malware products and solutions which was later on acquired by ProofPoint (NASDAQ: PFPT), the place he served as the VP of Engineering for five many years before founding XREX Inc. Huang is a highly sought right after speaker and presenter at cybersecurity and blockchain-focused conferences all-around the environment.
Chief Income Officer
Winston Hsiao is an economist, serial entrepreneur, energetic crypto trader, and angel investor in a variety of start off-ups in Asia. He launched Taiwan’s initial Bitcoin trade BTCEx-TW in 2013. He is also the founder and CEO of Verico Intercontinental. Following obtaining grown up in India, Hsiao has an acute being familiar with of the difficulties faced by SMEs and merchants in emerging markets. His position in XREX combines his passion for economic inclusion and his knowledge in blockchain and cross-border payment. Winston divides his time in between Taipei and India.
Media Make contact with and Job interview Requests: